Ecuador Gold Announces Filing of Updated Technical Report With Increased Resources, Shares-For-Debt Transaction & Private Pla...
09 Maggio 2014 - 3:00PM
Marketwired
Ecuador Gold Announces Filing of Updated Technical Report With
Increased Resources, Shares-For-Debt Transaction and Private
Placement of Up to $1,000,000
TORONTO, ONTARIO--(Marketwired - May 9, 2014) - Ecuador Gold
& Copper Corp. (TSX-VENTURE:EGX), (the "Company") is pleased to
announce that it has filed on SEDAR an updated technical report
(the "Updated Technical Report") on its Condor Gold and Copper
Project dated effective March 24, 2014, reflecting the increased
resources estimates to approximately 8.0 million ounces of gold in
the indicated category at 0.56 g/t and 2.6 million ounces of gold
in the inferred category at 0.4 g/t previously announced in its
news release dated March 24, 2014. The Updated Technical Report is
available under the Company's profile at www.sedar.com.
The Company also wishes to announce that it has made
arrangements to settle an aggregate of up to US$928,115.33 (the "US
Debt") and up to CDN$279,740.14 (the "CDN Debt") in outstanding
debt (the CDN Debt and the US Debt, together the Debt), owed to
creditors in connection with drilling and consulting services
provided to the Company.
The Company is proposing to settle the Debt by issuing an
aggregate of up to approximately 14,300,000 common shares (the
"Shares") of the Company at a deemed price of CDN$0.09 per Share.
All Shares issued to settle the Debt will be subject to four month
hold period and the issuance of the Shares will be subject to
approval of the TSX Venture Exchange (the "Exchange").
In addition, the Company further wishes to announce that it also
intends to undertake a non-brokered private placement (the "Private
Placement") of up to 11,111,112 units (the "Units") of the Company
at a price of $0.09 per Unit for gross proceeds of up to
$1,000,000.
Each Unit will consist of one common share ("Share") of the
Company and one half of one common share purchase warrant (each
whole warrant, a "Warrant"). Each Warrant allows the holder to
acquire one additional common share (a "Warrant Share") and is
exercisable for a period of two years from the date of issuance at
a price of $0.12 per Warrant Share. The Company may pay finder's
fees of up to 6% of the gross proceeds and issue finder's warrants
for up to 6% of the number of the common shares sold under the
Private Placement. The finder's warrants will have the same terms
as the Warrants except that they will be non-transferable. The
Units issued will be subject to a four-month hold period from the
date of issuance. The proceeds of this Private Placement will be
used for the advancement of the exploration and development
expenses in relation to the Company's Condor Gold and Copper
Project and for additional working capital. The Private Placement
will be subject to Exchange approval.
Phil Jones, BAppSc (Geol), MAIG, MAusIMM, of Al Maynard and
Associates prepared the mineral resource estimate described above,
as first announced in the Company's news release on March 24, 2014.
He is an independent qualified person, as required by National
Instrument 43-101 Standards for Disclosure for Mineral
Projects and has reviewed and approved the contents of this
news release.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Not for distribution to U.S. Newswire Services or for
dissemination in the United States. Any failure to comply with this
restriction may constitute a violation of U.S. securities laws.
Glenn LaingPresident & CEOTelephone: +1 647 865 3101Email:
glaing@ecuadorgoldandcopper.comCHF Investor RelationsJeanny So,
Senior Account ManagerTel: +1 416 868 1079 ext. 231Email:
jeanny@chfir.com
Grafico Azioni Ecuador Gold and Copper Corp. (TSXV:EGX)
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